AMG Account Based Pension
An AMG Account Based Pension can provide you with a regular income stream while potentially enabling you to pay less tax than you might otherwise. You can nominate the amount of the pension subject to the minimum amount prescribed by the Federal Government regulations.
The minimum initial investment to start an AMG Account Based Pension is $20,000. Further superannuation benefits may be paid into the fund before the pension has commenced. Once a pension has commenced a new application form is required for subsequent superannuation benefits paid into or accumulated in the fund to be converted into a pension. Contributions of personal savings cannot be accepted.
AMG Term Allocated Pension
The AMG Term Allocated Pension product (AMG TAP) is only available for rollovers of existing Term Allocated Pensions into the AMG Universal Super.
The AMG TAP provides members with the ability to choose the term they wish to receive their benefits. Contributions to an AMG TAP must be made in the form of the unrestricted non-preserved portion of a superannuation benefit (that is, your superannuation benefit must be available in cash because you have satisfied a condition of release – see page F-16 of the AMG Universal Super PDS).
Features and benefits include:
· Flexible choice of investment options - Not only do we have a wide range of investments in our 5 managed pools, 6 sector pools and 60 specialist investment managers, AMG offers its members the option to invest in direct shares.
· Income Stream – provides a regular income stream for your retirement.
· Competitive Fees - Unlike other super funds, we ensure that our fees are low and transparent. All our fees are outlined and explained in the PDS.
· Member Online – Giving you access to your account 24 hours a day, 7 days a week.
· Personalised customer service – We don’t believe in call centres or computerised answering machines, when you call AMG Universal Super you will talk to one of our friendly staff.
Fees:
|
Type of Fee
|
Fee
|
Amount
|
|
Fees and Other Costs
|
Establishment Fee
|
Nil
|
|
Withdrawal Fee
|
$50 per payment
$3 per pension payment
|
|
Member Fee
|
$1.25 per week
|
|
Contribution Fee
|
Nil
|
|
Termination Fee
|
Nil
|
|
Other Management Costs
|
Administration Fee
|
0.63% pa of the first $250,000
0.54% pa of the next $250,000
0.36% pa in excess of $500,000
|
|
Expense Recovery Fee
|
0.25% pa up to $500,000
Nil for balances above $500,000
|
|
|
Underlying Investment Fees
|
The underlying investment managers of the Fund charge fees that vary between individual managers and investments. Please refer to the AMG Universal Super PDS for the underlying investment fees relating to your chosen option.
|
Service Fees:
|
Type of Fee
|
Fee
|
Amount
|
|
Service Fee
|
Switching Fee
|
Nil (however a buy sell spread may apply)
|
|
Adviser Service Fee
(Negotiable with your adviser or your employer’s adviser).
|
Contribution Based
|
0% to 5%
|
|
Asset Based
|
0% to 2%
|
|
Insurance commission on Alternative cover and Group Salary Continuance cover
|
16.5% of premium
|
This is a summary of the features and benefits of the AMG Account Based Pension and AMG Term Allocated Pension product. Please refer to the AMG Universal Super Product Disclosure Statement before making a decision about this product. We recommend you seek appropriately qualified financial advice.